West Perth diversified minerals developer and producer Dwyka Resources Ltd has completed an earn-in agreement with Swazi Gold Ventures Pty Ltd to acquire 50 per cent of their company.
Dwyka signed a memorandum of understanding with the gold company in March this year, and retains the right to acquire up to 100 per cent of the company, which controls a 425 sqkm greenfields exploration play in Swaziland.
The company also announced the issue of 2.8 million shares pursuant to the conversion of convertible loan notes with a face value of around $2.3 million.
The full text of a company announcement is pasted below
The Directors of Dwyka today announce that further to a notification received, the Company has today issued 2,777,778 fully paid ordinary shares ('Shares') pursuant to the conversion of convertible loan notes with a face value of £1 million.
The series of loan notes which have now been wholly converted were issued on 22 June 2006, were unsecured and attracted a yield of 8% payable quarterly in arrears from the date of issue until a maturity date of 22 June 2010. The loan notes were able to be converted into Shares at any time until 22 June 2010, at a conversion price of £0.36 per Share.
Application has now been made to the AIM Market of the London Stock Exchange ('AIM') for 2,777,778 Shares to be admitted to trading on AIM ('Admission').
Admission is expected to occur at 8.00am on Tuesday 24 July 2007.
Dwyka now has 122,357,049 Shares in issue.
